KARACHI: Askari General Insurance Company Limited has disclosed the purchase of a commercial floor from Askari Development and Holdings (Private) Limited (ADHL), an associated company. The transaction, valued at approximately PKR 432,396,000 for 12,011 square feet of space, is in line with the company’s strategy to diversify its assets and secure long-term capital appreciation.
According to a disclosure submitted to the Pakistan Stock Exchange (PSX), the property is located on the 2nd floor of Askari Corporate Tower in Lahore. The terms of the purchase include a mutually agreed payment plan, with the transaction taking place through a direct purchase agreement.
The disclosure also confirmed that Army Welfare Trust (AWT), which holds approximately 59.25% of Askari General Insurance’s issued share capital and exercises control over ADHL, is indirectly involved in the deal. However, no director or executive of Askari General Insurance has a personal interest in the transaction.
The company expects the acquisition to enhance its asset portfolio and contribute to strategic diversification efforts. The purchase aligns with Askari General Insurance’s long-term goals of securing stable returns through real estate investments.
